Don’t expect any blowout second quarter results from the big banks, according to one analyst. ‘Banking earnings are going to be nothing very exciting in the second quarter and the reason for that is the low interest rate environment and a difficult global environment,’ said S&P analyst Erik Oja. The Federal Reserve has indicated that its rate hikes are going to be gradual. Though the Fed’s hike last December added $220 million to JPMorgan Chase’s first quarter earnings, according to S&P, showing just how much a delayed rate hike impacts banks. Oja said JPMorgan, along with Citigroup , Bank of America and Wells Fargo are affected most by the low rate environment. TheStreet’s Scott Gamm reports from Wall Street.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
